The relationship between strategy and execution is such that, not much line of demarcation can be drawn between them because, they work together for a company’s success, but then, there is still a distinction.
An entrepreneur sets to open a venture, must put in place strategies that can offshoot the company’s success.
The entrepreneur must first have a business plan that helps with strategies, on how the business will get to its peak. After this, the execution of the laid down strategies begin.
The importance of strategy and execution in a company’s growth, cannot be overemphasized, however, there is the need to understand that, one works before the other but, cannot work separately.
“Strategy is an elaborate and systematic plan of action” – Advance English Dictionary.
The strategy involves the process of the choices the entrepreneur makes, for the company and how to engage those choices, until success comes.
“Execution is the act of performing; of doing something, successfully; using knowledge as distinguished from merely possessing it”- Oxford Advance English Dictionary.
Also, in the process of execution, the entrepreneur gets new ideas, on how to do things better, so that strategy can be revisited on how to get the ideas executed.
For example, as a business owner, you wonder why your competitors business moves faster than yours, while you sell the same products.
You do a lot of execution, but no results. The truth is that you cannot do much with execution, without a strategy, which is why you cannot get results.
A strategy is an event, not a process, unlike execution, which you have to carry out always. Your strategies can be reviewed, often, to meet changing situations.
Importance of strategy in growing your business:
- It motivates and inspires you not to give up
- It keeps you focused
- It keeps you informed
- It broadens your knowledge
- It serves as a guide
Importance of Execution:
- It gives you the desired result
- It helps you step up your game
- It makes you accountable
- It gives you good training. You learn and act better in the process of execution
- It gives you an understanding of strategy
The first step towards having a successful business, as an entrepreneur, is having a business strategy, which guides you towards achieving the desired result.
Execution, however, is the big challenge because, if you cannot execute your strategies, then, it is as good as, not having a strategy.
Both execution and strategy are interwoven. You need one for the other, but the importance of both tools in business is to help achieve successful results.